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The Gillmor Gang — John Borthwick, Danny Sullivan, John Taschek, and Steve Gillmor — took the bait and played the Are We in a Bubble game. With Apple’s stock price in free fall, the mobile giant reported another blowout What Me Worry quarter that sent the stock right back up. Meanwhile, Google announced, no, shipped Gdrive, and sent shivers down the collective cloud storage spine.

What Gdrive really does is consolidate Google Office under an attractive layer of collaborative unification, borrowed first from Ray Ozzie’s Mesh service and now emulated by a raft of smaller players bubbling up from Startupville. While we’re all twisting slowly in the Apple wind, the real action is taking place in what the chat room somehow called the Teddy Bear Cloud. It’s the new binky.